Aave v3 goes live on Celo, expanding DeFi to mobile-first users

Aave v3 has launched on Celo, expanding DeFi access to Celo’s mobile-first users and opening the platform to broader user growth.

The latest version of the lending and borrowing protocol Aave (AAVE) v3 has just launched on Celo, following the overwhelming approval by Aave’s community.

With this integration, Celo (CELO) users can now lend, borrow, and earn yiled on their staked assets. Specifically, the deployment will support CELO, Tether (USDT) and USD coin (USDC) for collateral. For borrowing, it will also support cUSD, and cEUR.

“Celo was built to provide individuals and communities worldwide with accessible, efficient financial tools, and Aave’s launch is a major step forward in delivering on this mission,” said Isha Varshney, Celo Foundation’s Head of Ecosystem. 

For Aave, the integration with Celo has the potential to bring in new users, especially mobile-first retail users — as Celo primarily caters to mobile audiences.

“This deployment of Aave on Celo will potentially bring a large community of new people into the Aave ecosystem, reaching mobile-first users in emerging markets, connecting real-world assets to DeFi, and accelerating the use of stablecoins for simple transactions,” said Aave Labs Founder Stani Kulechov.

Aave v3 was launched in March 2022. It went live on the Ethereum (ETH) mainnet in January 2023. Subsequently, it has also been integrated Aptos, Avalanche, Polygon, Arbitrum, ZKSync Era mainnet, and Sonic (previously known as Fantom).

Despite the announcement, both CELO and AAVE are down by 0.25% and 1% respectively, aligning with the broader market downturn as tariffs are still weighing on the industry.